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TEMPE, AZ-Fairfield Residential LLC has bulked up its Valley multifamily portfolio, dropping $20 million for Superstition Park, a 376-unit, class B complex. The San Diego-based investor has acquired the property from Dallas-based Meridian Superstition Park Investors LLC, which exited Arizona with the sale.

“This complex is in a good location with good visibility,” says Bob Bruno with Hendricks & Partners’ Phoenix office. “It’s just a little tired and needs some interior and exterior renovations.” Bruno teamed with Brent Long and Baron Bruno, also in Phoenix, and Jim Hearn in the firm’s Houston office, to broker the sale of the complex at 30 W. Carter Dr. near the corner of Mill Avenue and Superstition Freeway.

Bruno tells GlobeSt.com that the 93%-leased Superstition Park received 10 offers before going under contract to Fairfield. “They recognized the value of the property,” he says, adding the new owner plans to put a lot of money into the complex to reposition it. He estimates the renovation tab could be as much as $1 million. When the work’s done, he speculates rents could be bumped 10 cents to 15 cents per sf.

According to Bruno, conveying the title took a bit longer than usual because Fairfield had to assume a $13-million conduit loan with an above-market interest rate “The buyer had an existing relationship with the servicer, which made it easier to assume the loan,” he says.

Constructed in 1985, Superstition Park is comprised of 24 building sitting on nearly 18 acres. The mix contains 96 studios, each 408 sf; 108 one-bedroom units, ranging from 544 sf to 614 sf; and 172 two-bedroom apartments, running from 773 sf to 896 sf. Monthly rents are set at $612 to $910.

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